Have you got any unclaimed cash at the Bank of Canada?

The central bank is holding about $678 million in unclaimed funds. Here’s how to find out if any of it is yours.

Some people get excited about finding a $5 bill in an old coat pocket. But what about the millions of dollars sitting forgotten in Canadian banks?

At the end of December, approximately 1.8 million unclaimed balances – worth about $678 million – were on the Bank of Canada’s books, according to its website.

The unclaimed money stems from all kinds of accounts, including savings, credit card balances, or traveller’s cheques.

Money is considered ‘unclaimed,’ and transferred from provincial banks and trusts to the Bank of Canada, when a bank account has no owner activity for a period of 10 years and the owner can’t be contacted by the bank or trust company holding the money.

Nearly all of the unclaimed balances from last year are under $1,000, but make up 26 per cent of the total value outstanding. That means about 120,000 unclaimed balances are worth more more than $1,000.

Unclaimed balances less than $1,000 are held for 30 years, while balances more than $1,000 are held for 100 years. If left unclaimed, the funds are transferred to the Receiver General for Canada.

To find out if some of the money is yours, visit the Bank of Canada website, and fill out the claims form. Any funds that belong to you will be sent within a few weeks.

Last year, the bank of Canada paid out $15 million to balance holders – one balance dating to 1900.

@ashwadhwaniashley.wadhwani@bpdigital.caLike us on Facebook and follow us on Twitter.

Just Posted

New signage to show Victoria residents and tourists the way

Eleven new wayfinding signs use Lekwungen language to guide people from Ogden Point to the Johnson Street Bridge

Victoria painter splashes some colour on a dreary situation

Six-week long James Bay construction project gives Teresa Waclawik an impromptu canvas

Victoria beer leaguer turns heads as Joe Thornton doppleganger

Joe Thornton lookalike from Victoria makes it on NHL.com

Tight WHL playoff series expected between Royals and Giants

Regular season record belies the closeness of the games: Royals coach Dan Price

Washington State Ferries resumes Sidney service on April 1

Community planning its annual welcome ceremony

New leader aims to grow Oak Bay Volunteer Services

About 200 volunteers offer about 500 residents with support services

UPDATE: Former B.C. city councillor sentenced nine months for sexual assault

Dave Murray, convicted this past fall, hired a private investigator to intrude on the victim’s life.

Online threat to U.S. high school traced to Canadian teen

A 14-year-old girl has been charged in connection with an online threat against a high school

Vaping device overheats, burns down home on Vancouver Island

Nanaimo Fire Rescue says units could cause fires in other homes and even aircraft

LinkedIn: Top 25 places to work in Canada

LinkedIn has compiled a list of the top companies to work for in 2018

Province warning rabbit owners after confirmed cases of deadly virus

Testing confirmed feral rabbits in Nanaimo and Delta had died from rabbit hemorrhagic disease

Painting of B.C. lake by Winston Churchill sells for $87,000

Churchill had painted the work in 1929 during visit to an area near Field

New lead in one of six B.C. searches that remain unresolved

New details in case of couple who’d been flying from Cranbook to Kamloops when plane disappeared

Island Good program makes it easier to shop locally

New labelling initiative to be tested in grocery stores

Most Read